East Bay yacht dealer pleads guilty to $1M tax evasion scheme
RICHMOND – A yacht dealer in the East Bay has pleaded guilty in connection with a $1.3 million tax evasion scheme, Attorney General Rob Bonta announced.
According to Bonta's office, Deborah Reynolds admitted to felony sales tax evasion and felony grand theft in Contra Costa County Superior Court, as part of a plea agreement. Reynolds is the owner of yacht sales and leasing companies in Richmond and Oakland.
"Tax evasion is not a victimless crime — it hurts Californians by depriving the state of critical resources and services that families need," Bonta said in a statement. "Deborah Reynolds purposefully evaded her obligations as a taxpayer and tried to skirt the law.
Bonta said the plea agreement follows a joint investigation by the California Department of Tax and Fee Administration (CDTFA) and the California Department of Justice. The investigation into Reynolds was launched after a standard audit suggested she was providing falsified sales tax records.
Investigators revealed that Reynolds underreported $1.3 million in sales tax to CDTFA between 2017 and 2020.
As part of the plea agreement, Reynolds will serve to one year in state prison, one year mandatory supervision and has been ordered to pay $1.3 million in restitution to the state.
"My office will continue to work with our law enforcement partners to identify and prosecute those who disregard the rule of law," Bonta said.
